3,200 per cent returns and FIIs & DIIs increase stake: Vijay Kedia’s multibagger stock bags new order worth Rs 51.41 crore; reports impressive quarterly results & dividend!

Shares of the company gained more than 70 per cent in the last six months.

Elecon Engineering Company Limited informed in the exchange filing that the company had bagged a new order worth Rs 51.41 crore from ArcelorMittal Nippon Steel India Limited. The order is for the supply and supervision of the Pipe Conveyor System at its Hazira Plant, Gujarat. The order also involves designing, engineering, manufacturing, supply, transportation to the site, and supervising the erection, testing, and commissioning of one Pipe Conveyor.

The company has also posted strong Quarterly Results in Q2FY24. The revenue of the company stood at Rs 484.90 crore which grew by 24.78 per cent YoY. The operating profit of the company stood at Rs 131.29 crore which grew by 35.52 per cent on a YoY basis, while the PAT of the company stood at Rs 86.78 crore, which increased by 36.68 per cent on a YoY basis. The board of the company has also declared a Rs 1.00 (50 per cent) dividend on the face value of Rs 2.00.

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Ace investor Vijay Kedia has a 1.60 per cent stake in the company. As per a rough calculation, Vijay Kedia has made a about 400 per cent gain in the stock. FIIs and DIIs have increased their stake in the company to 4.88 and 2.92 per cent in September 2023 respectively. The shares of the company have gained about 3,200 per cent in the last three years and investors should keep a close eye on this stock.

Elecon Engineering Company Limited, incorporated in 1960, is involved in the design and manufacturing of Material Handling Equipment and Incraft carriers through the acquisition of Benzlers- Radicon Group belonging to the David Brown Gear Systems.

Disclaimer: The article is for informational purposes only and not investment advice.

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